Ritchie Bros. Auctioneers (RBA) Tops Q1 EPS by 18c

Ritchie Bros. Auctioneers (NYSE: RBA) reported Q1 EPS of $0.42, $0.18 better than the analyst estimate of $0.24. Revenue for the quarter came in at $153.3 million versus the consensus estimate of $126.04 million.

Q1 2017 Financial Highlights

• Net Investment Income “NII” of $22.7 million, an increase of 12.8% year-over-year, or $0.28 per share
  • Adjusted NII of $24.8(2) million, or $0.31(2) per share
  • New Debt and Equity Commitments of $191.0 million for Q1 2017
  • Total Gross Fundings of $153.3 million for Q1 2017
  • Total Investment Income of $46.4 million for Q1 2017, an increase of 19.1% year-over-year
• Distributable Net Operating Income “DNOI,” a non-GAAP measure, of $24.5 million, an increase of 8.1% year-over-year, or $0.30 per share
  • Adjusted DNOI of $26.6(2) million, or $0.33(2) per share
• 13.4% GAAP Effective Yields
• $343.1 million of available liquidity for future portfolio and earnings growth, subject to existing terms and covenants
• Regulatory leverage of 73.0% and net regulatory leverage of 54.7%(3) for Q1 2017
• During Q1 2017, the Company enhanced its balance sheet and liquidity by:
  • Raising $230.0 million in 4.375% Convertible Notes due 2022 (the "Convertible Notes")
  • Fully redeeming its $110.4 million 7.00% Notes due 2019 (the “2019 Notes”) – saving ~$2.8 million in annual interest expense, or $0.03 NII/share annually
• Total Shareholder Returns “TSR” of 33.7%, 31.8% and 77.4%, one, three and five-year, respectively
• 11.9% Return on Average Equity “ROAE” (NII/Average Equity), Adjusted ROAE of 13.0%(1)
• 6.2% Return on Average Assets “ROAA” (NII/Average Assets), Adjusted ROAA of 6.8%(1)

For earnings history and earnings-related data on Ritchie Bros. Auctioneers (RBA) click here.

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